Trump waives 100% tariffs on top buyers of Russian oil

U.S. President Donald Trump signed an executive order late Friday waiving 100 per cent tariffs on the five largest buyers of Russian oil and gas, and several Russia sanctions, a few days before the penalties were set to start on Oct. 18.

The tariffs were the centrepiece of the Lindsey O. Graham Sanctioning Russia and Iran Act, which Trump signed into law on Sept. 18. The law also provides for a 500 per cent duty on Russian goods, and the waiver leaves that tariff suspended along with the rest, according to CBS News and Anadolu Agency.

The order relies on a clause in the act that lets the president set aside its measures if he certifies to Congress that doing so is “in the national interests of the United States,” CBS News reported. The White House said Trump submitted that certification, Anadolu reported.

The waivers have no end date. They stay in effect until Trump or the secretary of state decides “further action is appropriate,” according to the order as described by CBS News. The U.S. Trade Representative and the State, Treasury and Energy departments are to monitor purchases of Russian crude and natural gas and report back to the president, Outlook India reported.

Reports differ on how much was waived. Anadolu said Trump waived the tariffs and “many sanctions” but did not say which. Stocktwits said sanctions imposed under earlier executive orders remain in place. This report did not review the text of the order itself, and the details may change as the White House publishes it in full.

Reaction came quickly from both sides of the war. Kirill Dmitriev, an envoy to Russian President Vladimir Putin, called the move “an important and truly historic moment” on Saturday, CBS News reported. Ukrainian President Volodymyr Zelenskyy called it “unfortunate” and said the act “could have helped enormously.” He argued that easing pressure “only encourages” Putin to keep attacking, CBS News reported.

The decision follows a week of friction over Russian fuel. Trump eased sanctions on Russian diesel and announced a deal with Putin to bring diesel into the U.S. market, as seven senators urged him to reverse the diesel deal. A bipartisan group of senators called the earlier waivers a “betrayal of the people of Ukraine” in a letter, CBS News reported. European leaders backed Zelenskyy as the rift widened, and Washington had already extended a Lukoil Bulgaria waiver to April 2027.

The act was named for the late Sen. Lindsey Graham and was aimed mainly at China, India and Turkey, the largest buyers of Russian oil and gas, CBS News reported. India, which has defended its purchases on grounds of affordability and energy security, is among the countries that stand to benefit, Outlook India reported. Trump has tied the war in Ukraine to high energy prices, which CBS News linked to the Iran war. Stocktwits reported Brent crude near US$109.69 a barrel this week, a five-month high, a figure this newsroom has not confirmed with a second source.

For Canadians, the main link is oil. Canada is the largest foreign supplier of crude to the United States, according to the U.S. Energy Information Administration, so Washington’s choices on Russian barrels bear on the market Canadian producers sell into. Higher crude prices help producers but also feed into pump prices. This report found no Canadian government statement on the waiver as of Saturday.

The war itself has not eased. Russian strikes hit 22 sites in Ukraine and killed seven people in a single day, Ukrainian officials said. Zelenskyy said earlier this week that Ukraine would no longer hold off on striking Russian refineries after Russian attacks continued during an “energy ceasefire” Trump announced last weekend, CBS News reported.

What to watch next is whether the U.S. Trade Representative reports any new Russian crude purchases after Oct. 18, and whether lawmakers in either party challenge the waiver. No congressional action on the waiver had been announced in the reports reviewed.

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Via CBS News, Anadolu Agency and Outlook India. Developing story.